Two Palm Beach County Assisted Living Facilities Sell For $21 Million

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A Montreal-based firm paid a combined $20.55 million for the Banyan Place assisted living and memory care facilities in both Boca Raton and Lantana.

In the bigger deal, Banyan Realty BR LLC, managed by Kevin Wrenne in Boca Raton, sold the 125-unit assisted living facility at 2950 N.W. Fifth Ave. for $16.44 million. The buyer was Banyan Boca FL Realty LLC, managed by Arie Friedman and Simcha Buff of Montreal-based Comprehensive Care Capital. The price equated to $131,520 a unit. The Boca Raton property totals 82,078 square feet and was built on the 2.86-acre site in 1998.

At the same time, Banyan Realty BR LLC sold all 15 condos at 1021 Ridge Road, which is operated as an assisted living facility, for $4.11 million to Banyan Lantana FL Realty LLC, also managed by executives at Comprehensive Care Capital. The price worked out to $274,000 a unit. The Lantana condo was built in 1998 and is officially called the Anguilla Cay Condominium.

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April 25, 2022/by ADMIN

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